Too rich for debt relief available to most African nations and hobbled by its politics, South Africa is facing a public financing crisis. Debt levels will continue to rise, peaking in 2024 and only dipping back below 80% of gross domestic product by 2028, according to the supplementary budget Finance Minister Tito Mboweni presented on Wednesday. And that’s a best-case scenario, where the government takes active steps to stabilize the trajectory and revives an economy which the Treasury projects will contract by 7.2% this year.
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